Builds on Bold Strategy to Deliver Autonomous Solutions for Agriculture
SIOUX FALLS, S.D. (Nov. 01, 2019) -- Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that it has acquired Smart Ag Inc., a technology company that develops autonomous farming solutions for agriculture. This acquisition is part of Raven Autonomy™, the Company’s strategic growth platform to become the industry leader in autonomous agriculture solutions, announced earlier this week. Complementing the Company’s Applied Technology division, a leading technology provider in the precision agriculture industry, this acquisition will be integrated into the division’s business and technology portfolio with the intent to create autonomous solutions for the precision ag market.
“The acquisition of Smart Ag is part of a bold, company-wide strategy for Raven,” commented Dan Rykhus, Raven Industries President and CEO. “It is a key investment in Raven Autonomy™, one of our two strategic growth platforms. Autonomy in agriculture is the future of farming, and this acquisition, coupled with our existing precision agriculture solutions, solidifies our position as a technology leader within this market.”
As part of Raven Autonomy™, the Company plans to deliver autonomous solutions for agriculture that will enable both its OEM partners and ag retailers to be successful. Now more than ever, OEMs need to deliver premier precision ag solutions in order to compete. Raven Autonomy™ will deliver on this great challenge; its technology will enable large-scale ag retailers to augment their operations, allocate resources smartly and reduce labor dependency. Along with the Company’s recent agreement to acquire majority ownership in DOT Technology Corp., the acquisition of Smart Ag brings perception and path planning capabilities to the Company’s leading technologies in precision ag operations.
Smart Ag, headquartered in Ames, Ia., was founded in 2015 to solve the growing labor crisis in production agriculture. Today, Smart Ag is offering aftermarket retrofit kits to automate farm equipment as well as a platform to connect, manage and safely operate autonomous agricultural machinery. Smart Ag’s technology stack is easy to use and modular for scalability. In addition to its proven, proprietary technology, Smart Ag brings an established dealer network and a skilled development team to Raven.
“Raven’s experience in machine and application control is a perfect complement to the autonomous machine control developed by Smart Ag,” said Brian Meyer, Division Vice President of Raven Applied Technology. “Together, the expertise of both companies will allow for more operations to be performed in-field — with a significant increase in both performance and outputs. By automating existing machine platforms and implements, driverless machines have great potential to complement the work of manned machine operations in the field.”
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.
About Raven Applied Technology
Raven Applied Technology is helping feed a growing population by delivering impactful technology that improves agricultural efficiency for custom applicators and growers around the world. From field computers to sprayer and planter controls, GPS guidance steering systems, wireless and logistics technology, Raven provides precision agriculture products and solutions designed to reduce operating costs and improve yields. Learn more at http://ravenprecision.com.
About Smart Ag Inc.
Smart Ag was founded with the vision of becoming the autonomous farming platform of choice in a driverless future. Over the last three years, the company has released systems across the country, enabling completely driverless operation of machinery to improve harvest labor efficiency. With the combination of extensive on-farm testing, industry leading talent and innovative design, Smart Ag has developed a cutting-edge automation platform which incorporates machine learning, advanced vehicle navigation, and robust wireless communication technology. Learn more at http://www.smart-ag.com.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words such as “may,” “will,” “plan,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “should,” “estimate,” “predict,” “project,” “would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to our future operating or financial performance or events, our strategy, goals, plans and projections regarding our financial position, our liquidity and capital resources, and our product development – are forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10-K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.
Bo Larsen, Director of Investor Relations
Margaret Carmody, Director of Corporate Communications
+1 (605) 336-2750